Senate Majority Leader Mitch McConnell announced Wednesday that Republican and Democratic leaders have reached an agreement on a two-year, $400 billion budget deal, less than two days ahead of the deadline of another government shutdown.

McConnell said the deal promises nearly $300 billion increases for defense spending and domestic programs, more than $80 billion in disaster relief and suspends the debt ceiling for over a year. It does not include funding for border security or address the fate of a program that protects illegal immigrants who came to the U.S. as children from deportation.

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McConnell heralded the deal on the floor of the Senate early in the afternoon, while Minority Leader Chuck Schumer -- often a foil for McConnell and the White House -- called it "very good for the American people."

"First and foremost, this bipartisan agreement will unwind the sequestration cuts that have hurt our military and jeopardized national security," McConnell tweeted before his remarks.

I'm happy to announce that our bipartisan, bicameral negotiations on defense spending and other priorities have yielded a significant agreement. Thank you @SenSchumer for joining me this afternoon, and for the productive discussions that generated this proposal.

For the first time in years, our military will have the resources needed to keep us safe. This funding will help serve #Veterans who have bravely served, & it will ensure efforts such as disaster relief, infrastructure, and build on our fight against opioid abuse & drug addiction

At a White House briefing shortly after the deal was announced, Defense Secretary James Mattis praised the deal for the relief it brings service members, veterans and their families. Press secretary Sarah Sanders said the administration was "happy with the direction" of the agreement, but she didn't signal if President Donald Trump would sign it.

In the House, however, Minority Leader Nancy Pelosi announced she would oppose a budget measure unless the chamber’s GOP leaders promised a vote on legislation to protect dreamers. And the conservatives who make up the Freedom Caucus are also expected to oppose the deal, but their leader doesn't believe they'll have enough support to stop it.

"I’m afraid the numbers will get so high and the debt ceiling will get added and it will be a Christmas tree of spending — that a lot of votes will be bought," Rep. Mark Meadows said earlier Wednesday.

But Speaker Paul Ryan is backing the Senate deal, declaring in a statement, "The winners today are the men and women who serve in our Armed forces."

"More budget reforms are needed, which is why we are laying the foundation for a better process. America will be safer and stronger because of this agreement, and I am urging the whole House to support it."

This bipartisan budget agreement delivers on our commitment to fully fund our national defense—no more short-term ploys and patches. The men and women who serve in our Armed Forces are the winners today. pic.twitter.com/qY4n9UcvRM

The House on Tuesday passed legislation to keep the government running through March 23, marrying the stopgap spending measure with a $659 billion Pentagon spending plan, but the Senate plan would rewrite that measure.